Sat. Jan 16th, 2021

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Gold prices rise

1 min read

Gold bars

Gold rose to an over one-week high on Thursday as the dollar weakened on hopes of coronavirus vaccine rollouts, while investors also weighed the possibility of more U.S. stimulus.

Spot gold rose 0.2% to $1,835.37 per ounce by 0402 GMT. U.S. gold futures were up 0.5% at $1,838.60.

Optimism over a stimulus deal and vaccine progress favored riskier assets and pushed the U.S. dollar to a near 2-1/2-year low.

Congressional Republicans and Democrats were unable to agree on a fresh coronavirus relief package, though early signs indicate that a $908 billion bipartisan proposal could be gaining traction as a negotiating tool.

Stimulus talks, especially over a bipartisan agreement, will support gold in the short term as it would weaken the U.S. dollar, said Michael Langford, executive director at corporate advisory and consultancy firm AirGuide.

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